ONGC puts $12.1 bln towards net-zero ambitions

NEW DELHI, May 30, 2023 – ONGC has promised to achieve net-zero carbon emissions by 2038 through planned spending of USD 12.1 billion by 2030 on energy transition projects, the Indian NOC announced on Monday.

The plan will see the company phase out its scope 1 and scope 2 emissions.

ONGC plans to invest in solar, wind and green ammonia production to achieve its goals.

The company has set a target to have 10 GW of renewable energy capacity by 2030 from its current 189 MW.

The NOC is currently developing a green ammonia plant with a capacity of 1 million tonnes per year with local renewables developer Greenko, which is expected to come on line in 2026.

Other Indian energy giants have also set targets to achieving net-zero emissions, including Indian Oil Company by 2046, Bharat Petroleum Corporation and Hindustan Petroleum Corporation by 2040 and Reliance Industries by 2035.

The Indian government has set a target to achieve net-zero carbon emissions nationally by 2070.

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